Fannie May released their housing forecast for April 2013 and it shows an expected increase in home prices for 2013 and more modest increase in 2014. Economic growth in the first quarter of 2013 was 3.2%, a pace that Fannie May sees as unsustainable.
Fannie Mae Chief Economist said, “The April forecast reflects the growing realization that 2013 is off to a good start from a GDP perspective, but we expect the stronger-than-expected first quarter pace to slow somewhat in the second quarter. On the downside, tax hikes, sequestration, and the euro-zone crisis still pose significant risks to our forecast, and the fiscal tightening will likely affect consumer spending and other economic activity in coming months. However, the housing recovery continues to broaden and may be more robust than we anticipate, helping to offset fiscal headwinds.”
Home sales have reached a multi-year high in the first quarter of 2013, and we are seeing this trend in our Highrises.com locations nationwide. If you are thinking about buying a condo or loft contact us today to connect you with our real estate experts in your city.